RATE Group | BTC/USD consolidates its position above the $7,500-level
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BTC/USD consolidates its position above the $7,500-level

07 Dec BTC/USD consolidates its position above the $7,500-level

Posted at 11:08h in Bitcoin News by

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  • Strong resistance lies at $7,710, which the bulls will need to overcome.
  • On the downside, there are three healthy support levels at $7,545, $7,500 and $7,360.

BTC/USD is on the verge of charting a third consecutive bullish day. This Friday, the price of Bitcoin went up from $7,395 to $7,543.25, breaking above the $7,500-level in the process. So far, the price has gone up further to $7,564.15. The bulls will need to overcome resistance at $7,710 to continue the upward momentum. On the downside, there are three healthy support levels at $7,545, $7,500 and $7,360.

BTC/USD daily confluence detector

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$7,710 resistance level has the one-month Fibonacci 38.2% retracement level.

Looking at the support levels, $7,545 has the five-day Simple Moving Average (SMA 5) and 15-min Bollinger Band middle curve. $7,500 has the SMA 10 and one-day Fibonacci 38.2% retracement level, while $7,360 has the SMA 5 and one-week Fibonacci 38.2% retracement level.
 

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